Kingfisher Mining Limited announced the results of its review of previous exploration data for the large-scale LK1 carbonatite target which is part of its 100% owned Arthur River Project in the Gascoyne Mineral Field in Western Australia. The review provides further support for the potential of a large-scale carbonatite-related REE system at LK1. Significant Body of Exploration Work Supports Carbonatite Mineralisation: The large-scale LK1 target is more than 9km long and more than 6.5km wide and is comprised of multiple circular features which are defined by the magnetics and thorium, with a ring-shaped thorium feature having a diameter of 1.7km.

The combination of magnetic, thorium and potassium responses of the target appear similar to the architecture of the carbonatite intrusion model, with potential for carbonatite plugs and the associated vein and dyke mineralisation. Previous exploration results include: Broad zones of ironstone and siderite intersected in multiple drill holes completed by Barranco (Wamex report A78338). Siderite-rich ironstones host the REE mineralisation within the Gifford Creek Carbonatite complex, including at Dreadnought Resources' Yin discovery; Significant areas of ironstone have been mapped at surface, with limited surface sample results confirming the presence of highly anomalous rare earth elements, including 1170 ppm La and 166 ppm Y as well as other samples with 700 ppm Ce and 600 ppm Ce (Wamex report A65851).

Results from samples similar La and Ce values with analysis of the full suite of REE element from Kingfisher's Mick Well are typically in the order of 0.5% and 0.3% TREO; The company's work in the Mick Well area has established a relationship between REEs and various pathfinder elements, including Ba, Sr, P, Co, Ni and Zn. Drilling in the LK1 area completed by Rio Tinto Exploration (four holes) was only analysed for Ce, La and Y as well as a number of pathfinder elements. Assays from the Rio Tinto drilling returned anomalous REEs and key pathfinder elements, including 340 ppm Ce, 195 ppm La, 125 ppm Y, 1100 ppm Ba and 8900 ppm P supporting the potential for carbonatite-related REE mineralization; Drilling by Barranco Resources targeted base metal-bearing ironstones and the 25 RC holes were not analysed for REEs.

However, the drilling did return highly anomalous results for the pathfinder element Zn, with results from ironstones which included 25m at 0.29% Zn from surface (RC5, Wamex report A78338) and 22m at 0.29% Zn from 1m (RC25, Wamex report A82640); Fenite alteration has been intersected in drilling and has been recorded from petrographic analysis of surface samples close to the ironstone outcrops (Wamex report A65851). Moderate to weak conductors coincident with the ironstones have been identified from ground-based Transient Electromagnetic (TEM) surveys in the LK1 area (Wamex report A75273). The REE mineralisation at Mick Well is also conductive, with the high grade REE mineralisation at MW2 identified from drilling a conductor target from Kingfisher's airborne electromagnetic survey.

High-Priority Exploration Work Planned: On-ground mapping and sampling of the ironstones and potential carbonatite intrusions at the LK1 target is a high-priority for the Company and is scheduled to commence in a few weeks time. The historical drill sites of Barranco Resources will be visited and any residual drill spoils assessed for REE anomalism. It is envisaged that the Company's 2023 exploration activities across its Gascoyne Projects will also include drilling at MW2, MW7, MW8 as well as substantial project generation work at KF3 as well as the CH1 to CH10 targets along the 54km Chalba target corridor and the LK1 to LK7 targets along the 30km Lockier target corridor.

The 2023 exploration activities are also likely to include airborne geophysics across the Mooloo project.